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Northeast Community Bancorp (NECB) Up on New Buyback Program
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Northeast Community Bancorp (NECB - Free Report) shares gained 3.8% following the announcement of the second share repurchase program. Under the plan, the board of directors of this White Plains, NY-based bank has authorized the repurchase of up to an aggregate of 1.5 million shares, or 10%, of the company’s currently issued and outstanding common stock.
NECB announced its first stock repurchase program on Jul 27, 2022, and authorized the buyback of up to an aggregate of 1.6 million shares of the company’s common stock. The company completed this program at a cost of $22.8 million or $13.93 per share.
In addition to the share repurchase program, Northeast Community Bancorp also has a history of paying quarterly dividends. The company increased its dividend two times in the last five years. Based on the current payout rate, the annual dividend comes to 24 cents per share. This results in an annualized dividend yield of 1.80%, considering the last day’s closing price of $13.29 per share.
Apart from regular quarterly dividend payouts, NECB had announced a special one-time cash dividend of 18 cents per share on May 4, 2022.
As of Mar 31, 2023, Northeast Community Bancorp had total cash and cash equivalents of $77 million, higher than Federal Home Loan Bank advances of $14 million. Also, its times-interest-earned ratio of 86.1 for the first quarter of 2023, increased sequentially. Thus, given the strong liquidity position, the company will be able to continue its capital deployment activities and keep enhancing shareholder value.
Over the past six months, shares of NECB have lost 8% compared with the industry’s decline of 30.4%.
Enhanced Capital Deployment Activities by Other Banks
Stock Yards Bancorp, Inc. (SYBT - Free Report) announced the extension of its stock-repurchase plan. The company’s board of directors has approved the extension by two years to May 22, 2025. The plan was previously extended in May 2021.
Implemented on May 22, 2019, the plan was authorized to repurchase one million shares. To date, SYBT has repurchased around 259,000 shares at an average cost of $35.41 per share. It has approximately 741,000 shares remaining under the authorized share-repurchase plan.
Civista Bancshares, Inc. (CIVB - Free Report) announced a new share repurchase program. Based in Sandusky, OH, CIVB was authorized to buy back up to an aggregate of $13.5 million of its outstanding shares. The plan will expire on May 2, 2024.
This new repurchase plan of CIVB replaced the previous authorization (announced in August 2022) to buy back $13.5 million shares. It repurchased $7.4 million worth of shares under that plan, which expired on May 9.
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Northeast Community Bancorp (NECB) Up on New Buyback Program
Northeast Community Bancorp (NECB - Free Report) shares gained 3.8% following the announcement of the second share repurchase program. Under the plan, the board of directors of this White Plains, NY-based bank has authorized the repurchase of up to an aggregate of 1.5 million shares, or 10%, of the company’s currently issued and outstanding common stock.
NECB announced its first stock repurchase program on Jul 27, 2022, and authorized the buyback of up to an aggregate of 1.6 million shares of the company’s common stock. The company completed this program at a cost of $22.8 million or $13.93 per share.
In addition to the share repurchase program, Northeast Community Bancorp also has a history of paying quarterly dividends. The company increased its dividend two times in the last five years. Based on the current payout rate, the annual dividend comes to 24 cents per share. This results in an annualized dividend yield of 1.80%, considering the last day’s closing price of $13.29 per share.
Apart from regular quarterly dividend payouts, NECB had announced a special one-time cash dividend of 18 cents per share on May 4, 2022.
As of Mar 31, 2023, Northeast Community Bancorp had total cash and cash equivalents of $77 million, higher than Federal Home Loan Bank advances of $14 million. Also, its times-interest-earned ratio of 86.1 for the first quarter of 2023, increased sequentially. Thus, given the strong liquidity position, the company will be able to continue its capital deployment activities and keep enhancing shareholder value.
Over the past six months, shares of NECB have lost 8% compared with the industry’s decline of 30.4%.
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The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Enhanced Capital Deployment Activities by Other Banks
Stock Yards Bancorp, Inc. (SYBT - Free Report) announced the extension of its stock-repurchase plan. The company’s board of directors has approved the extension by two years to May 22, 2025. The plan was previously extended in May 2021.
Implemented on May 22, 2019, the plan was authorized to repurchase one million shares. To date, SYBT has repurchased around 259,000 shares at an average cost of $35.41 per share. It has approximately 741,000 shares remaining under the authorized share-repurchase plan.
Civista Bancshares, Inc. (CIVB - Free Report) announced a new share repurchase program. Based in Sandusky, OH, CIVB was authorized to buy back up to an aggregate of $13.5 million of its outstanding shares. The plan will expire on May 2, 2024.
This new repurchase plan of CIVB replaced the previous authorization (announced in August 2022) to buy back $13.5 million shares. It repurchased $7.4 million worth of shares under that plan, which expired on May 9.